Employee turnover rates are one of the most important metrics that businesses track. High employee turnover can have a negative impact on a company's bottom line and can signal larger organizational issues. With 75% of today’s workers looking looking for another job (Fortune 2023), providing that added value so they will stay must be made a priority to avoid costly turnover.
In 2022, several roles experienced higher turnover rates than others, according to data. Let’s explore the trends in employee turnover rates and discuss how Amirra, an automated employee retention solution, can help improve these rates.
Marketing had the highest turnover rate in 2022, at 13.58%, followed closely by sales at 12.46%. Product and design/art also had higher than average turnover rates, at 11.36% and 10.49%, respectively. These roles are all client-facing, and may require extensive travel or long hours. Burnout and stress are common in these types of roles, which can lead to higher turnover rates. Employers can combat this by offering additional support and resources, such as flexible work arrangements, employee wellness programs, and regular check-ins with managers.
Software engineer roles also experienced higher than average turnover rates in 2022, with non-security engineers at 15.13% and security engineers at 10.48%. These roles are highly technical and in-demand, and employees in these roles may receive frequent job offers and competitive compensation packages. Employers can improve retention in these roles by offering competitive salaries and benefits packages, as well as opportunities for career growth and development.
On the other hand, accounting, legal, and office support roles had lower than average turnover rates, at 5.41%, 4.87%, and 5.74%, respectively. These roles may be less client-facing and may have more stable work schedules, which can contribute to higher employee satisfaction and retention rates.
Regardless of the role, turnover can be costly for businesses. The cost of replacing an employee can be as high as 213% of their annual salary, according to some estimates. Retaining employees can not only save businesses money, but can also improve overall company culture and morale.
This is where Amirra comes in. Amirra is an automated employee retention solution that helps businesses improve their retention rates through personalized onboarding, community building, and engagement processes. By using AI-powered automations, Amirra helps organizations stay on top of the needed tasks to retain their employees - things like welcoming and introducing new hires, connecting them to their colleague community through interest matching, and providing easily searchable solutions to common employee questions. Additionally, Amirra can help managers identify potential retention issues early on and provide resources to address them.
Retaining talent is and always will be crucial, especially in a time where so many employees are open to changing jobs. Understanding employee turnover rates can provide valuable insights into the strengths and weaknesses of an industry, and company's, workforce. Digital employee retention solutions like Amirra must be adopted to avoid costly turnover that can hinder business performance, profitability.
